Total rental income from unincorporated landlords came to £47.4bn between 2022 and 2023, figures have shown.
According to the latest figures from HMRC, the total rental income from unincorporated landlords fell from £4.94bn in 2021-22 to its current figure.
The total number of unincorporated landlords that declared income from renting property in the period came to 2.84 million.
Within that figure, 2.81 million were individuals, with the remainder coming from partnerships, with £44.7bn of total income declared coming from individual landlords.
HMRC found that the average income from UK property stood at £16,800, which has stayed stable from 2018-19.
Over the five-year period, the lowest average annual UK property income was £16,600 in 2020-21, and the highest was £17,300 in 2021-22.
In 2022-23, a third of all unincorporated landlords that declared income from a UK property were based in London or the South East combined, making up 41% of all income declared from this segment.
Around 17% of all unincorporated landlords that declared income from a UK property were based in London, accounting for 24% of all income declared.
Wales, Scotland, and Northern Ireland accounted for 3%, 5% and 2% of total property income respectively.
Furnished holiday let income came to £2.29bn
Income from furnished holiday lets came to £2.29bn during the period, with 130,000 unincorporated landlords declaring furnished holiday letting income. This is around 5% of UK rental market income.
The report noted that total income from furnished holiday lets fell from £2.5bn in 2021-22.
HMRC said that the total income from UK furnished holiday lets rose by 67% in the five years between 2018 and 2023, which it attributed to an “increase in both average furnished holiday lettings income and the number of individuals reporting furnished holiday letting income”.
The government confirmed that the furnished holiday let scheme would be abolished next year.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
